The Budget Office develops systems, policies and procedures for the budgeting and planning of the College’s financial resources on both an annual and five-year basis. These systems, policies and procedures are evaluated and measured on an annual basis and refined accordingly.
The Budget Office creates the tools necessary for the College to capture and prioritize its programs to ensure that resources are utilized in concert with the five-year strategic goals of the institution. This process involves financial modeling, benchmark studies, enrollment projections, debt capacity and investment strategy analysis, understanding fundraising expectations, inflationary conditions and capital project needs, and the implementation of new initiative planning driven by the institution’s strategic goals.
Specific responsibilities include: annual budgets, five-year planning, financial projections, and budget systems maintenance.
New Initiatives and Resources
Expenditures which support new programs or which improve the current service level. Some examples of new initiatives are:
- New residence hall
- Additional position
- New computer system
Above the baseline of resources to preserve existing service levels. They may have some direct expenses associated with them. Some examples of new resources are:
- Higher than anticipated enrollment
- New or higher than anticipated grant
New initiatives and resources are reviewed three times a year. After a New Initiative/Resources Form is completed, the department meets with the Budget Office to review and fully cost the initiative. A summary of all initiatives is sent to the President’s Cabinet in September, January and April each year for review and approval.
Initiatives that are not funded by new resources need to secure alternative funding. The department manager may reallocate funds within his/her area or go to the Division VP to see if there is any room for reallocation within the entire division.
Annual Budget and Five-Year Planning Process
The Budget Office creates the tools for the College to capture and prioritize its programs to ensure that the campus resources are utilized in concert with the five-year strategic goals of the institution. Each year, preliminary budget parameters are developed in August and presented to the President’s Cabinet in late September. The Trustees approve the budget in February. Detail worksheets are developed by the Budget Office and distributed to department heads in late February of each year. Budgets are finalized in early April for implementation on July 1 of the new fiscal year.
Departments may submit requests to carry forward balances in activities funded by other than gifts, grants, contracts, or contingency to the budget office using the Carry Forward Request Form. Incomplete projects specifically funded in the specific year, and prior year carry forwards are items that may be considered for balance carry forward. The President’s Cabinet must approve all requests. Requests to carry forward operational funds of less than $500.00 will not be considered.
Quarterly financial projections are provided to the President’s Cabinet for review prior to the Board of Trustees meetings held in October, February, and May. They also allow individual department managers to inform division heads of any exceptional variances relating to revenue or expenditures so that these variances can be addressed and resolved as a division.
Reallocations and Budget Maintenance Process
Non-payroll reallocations among management centers, activities or object codes with no financial impact to the College bottom line, are completed within 5 business days upon submitting a Budget Change Form by email to the Budget Office. The net adjustment must equal zero.
Payroll reallocations are completed with the Payroll Requisition Form, which is submitted to Human Resources. The Budget Office works in partnership with Human Resources on all payroll adjustments.